Economy of the European Union

Greek economy shrank 10 pct in 2020, EU report shows

The Greek economy shrank a massive 10 percent in 2020, the European Commission said in its winter economic forecasts report published Thursday.

The Commission even forecasts that this lost ground will not be covered in 2021.

According to the report, Greece will achieve a 3.5 percent rebound in 2021 but predicts that growth will accelerate to 5 percent in 2022.

Cyprus unemployment drops despite pandemic

Eurozone unemployment was stable at 8.3% of the workforce in December, the European Union's statistics office Eurostat said on Monday, despite continued coronavirus lockdowns in most eurozone countries.

Still, Eurostat said 13.67 million people were out of work in the 19 countries sharing the euro in December, up from 13.62 million in November.

Greek plan a hard sell to EU

The utilization of the loans Greece will receive via the Next Generation EU fund, amounting to 12.7 billion euros, for the financing of private investments is proving one of the hardest fields of negotiation for the approval of the Greek recovery plan, as talks are ongoing.

Japanification of bond market?

Since the European Central Bank launched its first quantitative easing program in 2015, a common topic among fund managers and in rating agency reports was the risk of the Japanification of the European bond market; that is the prospect of one of the biggest bond markets in the world shrinking constantly, with investors having ever decreasing options for purchases and opportunities for profits

Fiscal Council warns against certain measures in latest stimulus package

Ljubljana – The Fiscal Council has warned that the latest legislative stimulus package contains certain provisions that may worsen the structure of public finances, including the proposal for simplified retirement and one-off aid to population groups not directly affected by the coronavirus epidemic.